There is no time to lose. The beast is out of the cage and it is eating away at your money. If you are in the marketplace you are most definitely being plagued by the HVCC demon. No longer can a loan officer work with his long time colleague, who he knows will do a good job of putting an accurate value on your home. Instead he is at the mercy of some anonymous group called an AMC whose job it is to rip you off.
Even now, a normal $400 appraisal might cost $575. Furthermore, there is no credibility with these folks. They might go out to your home even if they know that comparable home sales are much lower than the value you are seeking. What do they care, they do not have to worry about their reputation. They are part of the anonymous machine. Programmed to take your money and run no matter what the result.
It does not matter if you are refinancing home loans in Oregon or seeking California home mortgage loans, this problem is nationwide. Appraisers don't like it. They are losing business and taking in less money per appraisal. Loan officers don't like it, they are at the mercy of the lender to pay up front for the appraisal, or never get their loan file looked at. What if an appraisal is ordered and the loan turns out to be impossible to complete? Why should anyone pay for an appraisal before they know if the loan even has a chance of finishing?
What if a loan can be completed one lender and not another, but you don't really know that until the loan goes through the underwriting process. If the lender who you ordered the appraisal from is incapable of qualifying you, and the lender who can qualify you refuses to accept the appraisal, that borrower might have to actually order another appraisal. How do you spell getting ripped off! Two appraisals because your first lender could not finish the loan is outrageous.
Bottom line, HVCC does not benefit the consumer in any way, shape or form. Examples of this disastrous new program are nationwide. Every loan officer already has a story to tell. If you are involved in this industry, sign a petition, call a legislator, let's create a nationwide groundswell of discontent. Such sentiment, if loud enough, will surely rid us of this idiotic new regulation.
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Posted by: John Beck Property Vault | September 09, 2009 at 02:19 AM